what payment 7 months from now would be equivalent in value to a 3 300 payment due 23 months from now the value of money i
Question
What payment 7 months from now would be equivalent in value to a $3,300 payment due 23 months from now? The value of money is 2.7% simple interest. Round your answer to 2 decimal places.
Show all work and how you arrive at the answer..
294
likes
1470 views
Answer to a math question What payment 7 months from now would be equivalent in value to a $3,300 payment due 23 months from now? The value of money is 2.7% simple interest. Round your answer to 2 decimal places.
Show all work and how you arrive at the answer..
Solution:
For simple interest, A=P\left(1+rt\right) For payment due 23 months, 3300=P\left(1+\left(0.027\right)\left(23\right)\right) P=\frac{3300}{1+\left(0.027\right)\left(23\right)} P\approx2035.78 For payment due 7 months, A=2035.78\left(1+\left(0.027\right)\left(7\right)\right) A\approx2420.54
Answer: $2,420.54
Frequently asked questions (FAQs)
What is the coordinate of the vertex of the quadratic function f(x) = x^2?
+
Find the limit of (3x^2 - 2x + 5)/(2x^2 + 3x - 4) as x approaches 1.
+
Math question: Solve the inequality system: 2x + 3y ≤ 10, 4x - 5y > 20, where x and y are real numbers. Graph the solution on a coordinate plane.